How would you calculate ICICI Bank Personal Loan Eligibility?

To check ICICI Bank Personal Loan Eligibility online, you can simply use ICICI Bank Personal Loan Eligibility Calculator. When you go for ICICI Bank Personal Loan apply online, you must have a stable job with good credit history and repayment capability that you can check with ICICI Bank Personal Loan Eligibility Calculator.

To evaluate ICICI Bank Personal Loan Eligibility online, there are 2 simple methods used that are explained below-

Multiplier Method

In this method, the bank applies a multiplier which is a function of your net take home salary and the company profile.

ICICI Bank Personal Loan Eligibility= Net take home salary*multiplier of 9 to 22

Higher your take home salary and the company profile, higher will be the multiplier and higher will be ICICI Bank Personal Loan Eligibility.

FOIR

Commonly known as Fixed Obligation Income Ratio. If your have a financial liabilities like EMIs or credit card bills to pay, your FOIR must be the ratio of your net take home salary and your fixed obligations.

FOIR= (Sum of fixed obligations/Net take home salary)*100

The bank takes 50% to 75% of your net take home salary as EMI. ICICI Bank Personal Loan Eligibility criteria specifies that the FOIR must not exceed 75% of your net income.

Which factors affect ICICI Bank Personal Loan Eligibility Calculator?

As you know, if you go for ICICI Bank Personal Loan apply online, you donot have to pledge any collateral with the bank as personal loan is an unsecured loan. So, ICICI Bank Personal Loan Eligibility criteria is high. So, to calculate ICICI Bank Personal Loan Eligibility online with ICICI Bank Personal Loan Eligibility Calculator, you need to know the factors which affect ICICI Bank Personal Loan Eligibility Calculator that are explained below-

Age

As an applicant, your age must be in between 23 to 58 years for ICICI Bank Personal Loan Eligibility. The more younger you are, the higher will be ICICI Bank Personal Loan Eligibility. Moreover, bank can trust you more and provide you with some best offers when you suit ICICI Bank Personal Loan Eligibility criteria.

Employment

To satisfy ICICI Bank Personal Loan Eligibility online, you must have a stable job. If you work in a reputed organization under CAT A list in case you are a salaried individual, your ICICI Bank Personal Loan Eligibility will be really high. For a self-employed individual, you must have a 5 years of work experience. Job stability really affects ICICI Bank Personal Loan Eligibility online in a positive way.

Credit Score

ICICI Bank Personal Loan Eligibility gets highly affected by your credit score. It is nothing but your creditworthiness which shows how you pay off your loan. A higher credit score helps in ICICI Bank Personal Loan criteria to be high. In order to have a high ICICI Bank Personal Loan Eligibility online calculated by ICICI Bank Personal Loan Eligibility calculator, you must try to maintain a higher credit score.

Existing Liability

In case you have an existing liability of paying credit card bills or EMIs, your ICICI Bank Personal Loan Eligibility will be low. If your existing liability exceeds 45% of your net monthly income, then ICICI Bank Personal Loan Eligibility will be very low.

Residential Address

For ICICI Bank Personal Loan Eligibility criteria to be high, you must have your own residential address. Banks will trust you more if you have a your own residence. But if you stay in a rented house, ICICI Bank Personal Loan criteria will be low. So, ICICI Bank Personal Loan Eligibility will be high for a stable residential address.

Location

For ICICI Bank Personal Loan criteria, your location plays a major role. If your geographical location is in a metropolitan city, then ICICI Bank Personal Loan Eligibility criteria will be high. But if you stay in a rural location, then ICICI Bank Personal Loan Eligibility online will be low.

ICICI Bank Personal Loan Eligibility Criteria

ICICI Bank Personal Loan Eligibility Criteria

Salaried Individual

Age

23-58 years

Minimum Salary

Rs. 20,000

Current Residence

1 year

Profession

Employed in government sectors, MNCs or private sector

Job Experience

Minimum 2 years

CIBIL Score

750 or above

ICICI Bank Personal Loan Eligibility Criteria

Self-employed Individual

Age

25-65

Business Tenure

At least 5 years

Minimum Income

Rs. 4.8lakh/ year

*Interest rate and Loan approval are subjected to band discretion and approval.

FOIR stands for Fixed Obligation Income Ratio. It is the ratio of your net take home salary and your existing liability. FOIR must not be above 75% of your net take home salary.

If you work for a reputed company which falls under CAT A for more than 1 year and earn a handsome salary, then ICICI Bank Personal Loan criteria will be really high. But if you work for not so reputed company, then ICICI Bank Personal Loan criteria will be low.

Disclaimer:
FreEMI do not sell any kind of loans on it's own and do not take any kind of fees from our customers. We recommend our customers to select best offers from Banks and its advertisers. We do not assure or grantee any loans, as the loan is sanctioned as per the norms of Banks and NBFCs. We propose all customers to never entertain any monetary demand for disbursal of loan. Also, it is a request that in case if any individual asking for money and calling themselves as representative of
FreEMI should be immediately reported to us via mail at support@freemi.in

Display of any logos, tradenames, trademarks, and other subject matters of intellectual property belong to their particular intellectual property owners. Display of such IP including the related product
details does not imply FreEMI's partnership with the Intellectual Property owner or manufacturer /issuer of such products.

IRDA Registration No. HCG11821 Insurance is the subject matter of solicitation. Our visitors are hereby informed that their information submitted may be shared with HDFC ERGO.
The product information displayed on this website is of the insurer.